Understand better what the obligation is and what the ECF deadline is this year
On Friday (16), it was published the IN 2030 by the IRS, which extends the deadline for the delivery of the Tax Accounting Bookkeeping (ECF) referring to the year 2020, moving now to the day September 30th of this year.
This means that companies and accounting professionals have a longer term for compliance of this obligation, which may have been affected by the negative effects of Covid-19.
What is the ECF and the ECF deadline?
Tax Accounting Bookkeeping (ECF) is a accessory tax obligation which entered to replace the Declaration of Economic and Tax Information of the Legal Entity (DIPJ) and has been in force since 2014. The obligation is scheduled to be delivered on the last business day of July of the year following the period of bookkeeping in the System environment Digital Bookkeeping Public (Sped). And this year, can be delivered until the last business day of September (30th).
All legal entities, including immune and exempt, taxed by real profit, arbitrated profit or presumed profit are required to complete and deliver the ECF to the Federal Revenue, otherwise they are at risk of being fined and notified by the government agency.
Why deliver the ECF?
This is a great opportunity for Tax or Accounting to better understand the Obligation to Declare International Freight in the ECF, since it is an obligation of the importer of the company, (as well as the possibility of rectifying this information in your DIRF 2021) and the risks that your company can run by not declaring correctly this service in its ancillary obligations, including the possibility of being notified or fined by the IRS.
What happens is that, many times, companies use intermediaries in payments in Brazil, and this can confuse the accounting area of companies, which fail to declare these obligations by the complexity involved in foreign trade documents and payments.
And how can I deliver my company's ECF?
The truth is that the ECF is a very broad subject (and complex too) and involves various types of delivery, which are called blocks. The block in which WTM do Brasil can help is the block Y520 (Payments/Receipts from Abroad or from Non-Residents).
In these cases, it is the payments that customers made abroad for the import process, so WTM do Brasil gets this data via SISCOMEX extraction. The procedure is the same as that used in the extraction to the SISCOMEX fee, for example. And the client can enter the certificate in the Extract and have it downloaded, or he can grant a power of attorney to a specialized person on our team.
To better understand your company's situation and talk to a subject matter expert, you can contact us via WhatsApp. We will be happy to find the best solution for you!